USDCAD currency pair got strongly firmer after a rebound from the trend line, which is carried out from this year’s lows at 1.2460. The rise was in relation with the FOMC meeting at which was decided to raise interest rates in USA.
Very dynamic growth stopped only after testing the resistance area located around 1.3390. Initially, the resistance seemed to withstand the pressure of the buyers and the price set new highs. But today we are witnessing rebound from the downtrend line and return under the level of defence. Currently, the price hovers near the 20-period SMA, and its significant break can mean a deeper correction. The closest target for potential declines is local support at 1.3320, while the key level is near 1.3276.
The above analysis was carried out on account from broker XM, which offers $ 30 to start!
